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Regional Income Disparity and Fiscal-Monetary Policy: An Interregional Macroeconomic Model of Japan

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  • Fujita, Masahisa
  • Takahashi, Shuetsu

Abstract

In this paper, first the authors present an interregional macroeconomic model of Japanese economy. Then, using the model, they examine how macro-stabilization policies affect regional income disparities. They show that according to their model, the regional income disparity becomes smaller both in the case of recession combined with balance of payments surplus under a fixed exchange rate regime, and in the case of recession combined with a strong Japanese Yen under a flexible exchange rate regime. Conversely, it becomes larger both in the case of expansion combined with balance of payments deficit under a fixed exchange rate regime, and in the case of expansion combined with a weak Japanese Yen under a flexible exchange rate regime. They also show that the results of their analyses are consistent with Japanese experiences during the last three decades.

Suggested Citation

  • Fujita, Masahisa & Takahashi, Shuetsu, 1992. "Regional Income Disparity and Fiscal-Monetary Policy: An Interregional Macroeconomic Model of Japan," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 26(3), pages 231-256, September.
    • Handle: RePEc:spr:anresc:v:26:y:1992:i:3:p:231-56
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    Cited by:

    1. Kano, Masaji & Tsutsui, Yoshiro, 2003. "Geographical segmentation in Japanese bank loan markets," Regional Science and Urban Economics, Elsevier, vol. 33(2), pages 157-174, March.

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